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What are credit defaults

If you have ever taken out a credit contract such as :

• A credit card;

• A telephone plan

• Domestic equipment purchase on credit;

• A car Loan

• A personal loan

• A home loan

You are required to make regular repayments as per your loan contract.

Failure to make regular repayments to your lender as per your loan contract may result in the lender placing a “black mark” against your name on your credit report. Defaults are usually only placed on your credit history if you have gone without making the required payments for 2-3 months or more.

In most cases the lender will attempt to contact you first to sort out the payment delays informally. However if they can not find you or you are simply not able to make the required payments, a default may be placed on your credit report.